Middle East

The Dutch government estimated on Monday that the European Union could supply enough kerosene for the EU economy to last about five months. This would be based on domestic production and strategic reserves. The Iran War has caused a potential shortage of jet fuel within the next few weeks. In a letter sent to the Dutch parliament, it was stated that the domestic supply of jet fuel (or kerosene) is 78% below normal levels as most imports have ceased. The Netherlands is home to several of Europe's biggest refineries, located in the Port?of Rotterdam. The government announced measures to protect...

U.S. president Donald Trump dismissed Monday his top energy official's view that gasoline prices won't drop until 2027. He said Americans can expect lower costs once the Iran War ends. Chris Wright, the U.S. Energy Secretary, told CNN on Sunday that gasoline prices below $3 per gallon could happen this year but that it might not be until next year. "I don't think he is right on that." Trump said to a reporter for The Hill that he was "totally wrong" and added that the prices would be expected to drop as soon as this conflict ended. Wright, who was...

Sources familiar with the situation say that Vice President JD Vance remains in the United States and has not yet left for Pakistan. The prospects of a second round with Iran are still unclear. Donald 'Trump said that he would be sending a delegation of 'U.S. A delegation will be sent to Pakistan to continue the talks before a ceasefire expires in upcoming days. A senior Iranian official said on Monday that Iran was 'considering' attending the peace negotiations, but there had not been a decision made. Second source said that the U.S. delegation has not yet left, but is...

The U.S. is hosting further discussions in the coming weeks for the Group 20 major economies about the impact of war in the Middle East on food and fertiliser, as they 'continue to push for coordinated actions. The U.S. will make this pledge in a statement by the chair of the G20. It will be made during a meeting between G20 finance minsters and central bankers held on April 16 at the Spring Meetings of the International Monetary Fund (IMF) and World Bank. Before its official release on Monday, a copy of the statement was released instead of a communiqué...

The Dutch government announced temporary tax breaks on Monday to compensate for the rising cost of fuel. It also said it was preparing a broader package of measures in case energy prices worsen. The government allocated around 1 billion euro ($1.2 billion) to temporary tax relief measures for commuters and truck drivers, but did not lower fuel taxes as many of them requested. These measures include targeted support to lower-income people with energy bills and a?support for homeowners to reduce their consumption. The government stated that there are no immediate fuel shortages as European oil, jet fuel and diesel supplies...

Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol...

The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run...

The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay...

The oil prices fell by 13% after Iran's Foreign Minister said that the Strait of Hormuz would remain open to all commercial vessels for the remainder of the ceasefire period. U.S. president Donald Trump also said Iran had agreed not to close the strait ever again. Brent crude futures dropped $12.87 or 12.95 percent to $86.52 per barrel at 10:50 am EDT (1450 GMT) after hitting a session's low of $86.09. U.S. West Texas Intermediate Crude Futures fell $13.50 or 14.26% to $81.19 per barrel after reaching $80.56. Both contracts traded at their lowest since March 10 and were set...

Early Friday morning, oil prices dropped on the optimism that the Middle East conflict could be coming to an end. A 10-day ceasefire between Israel and Lebanon went into effect after the inauguration of the ceasefire. Moreover, 'President Donald Trump' said the U.S. may hold talks with Iran over the weekend. Brent crude futures fell $1.34 or 1.35% to $98.05 per barrel at 0021 GMT. U.S. West Texas Intermediate Crude Futures declined $1.65 or 1.74% to $93.40 per barrel, reducing gains from the previous day. Trump addressed a major sticking point in talks to end the Iran War, which has...

Israel and Lebanon will implement a 10-day truce beginning at 5 pm EST (2100 GMT) Thursday in order to facilitate negotiations towards a permanent "security and peace" agreement. The U.S. State Department said that the ceasefire could be extended mutually. Israel's campaign against Lebanon is a major obstacle in achieving a peace agreement sought by U.S. president Donald Trump in order to end his war with Iran, which he began?with Israel late February. This has disrupted global energy trade and risen oil prices, risking further economic fallout. According to the U.S. State Department, once the ceasefire agreement is signed, the...

French Finance Minister Roland Lescure announced on Thursday that the Group of Seven finance and central bank chiefs had agreed to be ready to "act" to reduce economic and inflation risk caused by Middle 'East war energy price and supply fluctuations. Lescure told reporters at the International Monetary Fund's and World Bank's spring meetings that the outcome of the global economy depends on the speed with which the conflict is resolved. The International Energy Agency, with the support of the G7, released last month a record-breaking amount of oil from its strategic reserves in order to counter the cuts of...

The global oil market has been predicting that the Strait of Hormuz would be closed for a short time, and the disruption of crude and refined product supply will also be brief. This expectation is reflected in the price of crude oil futures. Although they have increased sharply since February 28, the prices are still far below the highs achieved in the aftermath of Russia's invasion of Ukraine in 2022. The paper crude market, in effect, has believed U.S. president Donald Trump's social media posts that have been made since the bombing began, that the?conflict?will be over soon and Iran...

The Bangladeshi energy ministry announced late Saturday that retail fuel prices have been raised by 10 to 15%. They cited a sharp rise in crude oil prices globally and tightening supply due to the ongoing Middle East conflict. According to an official announcement, the new prices for petrol, diesel and kerosene are 135 taka per litre ($1.10), up from 116. The increase in import costs was unavoidable, officials said, as rising crude oil prices, supply-chain disruptions, and higher freight and Insurance costs have all contributed to the rise. This is especially true after the price of oil has risen during...

The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways that?airlines have responded: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike...

Kenya's energy regulator announced late Tuesday that retail fuel prices had risen by up to 24.2% due to a spike in crude oil prices and a squeeze on?petroleum supply caused primarily by the Middle East conflict. The Energy and Petroleum Regulatory Authority, which sets maximum retail prices monthly for different products, released a statement that showed a litre of petrol had been increased by 16.1%. It now costs 206.97 Kenyan shillings (about $1.60). Diesel was raised by 24.2%, to 206.84 Kenyan Shillings. Kerosene remained at 152.78 Kenyan Shillings. The regulator justified the increase in retail prices by citing the rising...

Sinopec, the state-owned oil company of China, has purchased Russian crude oil in order to replace Middle Eastern oil after a temporary suspension of sanctions by the United States to ease global supply shortages. Sinopec purchased between 8 and 10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimated that Sinopec bought about 10 cargoes a year of ESPO. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount ranging...

Austria ordered an official review to determine if the 'partially-state-owned oil and natural gas company OMV' is complying with new rules on lowering fuel prices. The company, however, denied that it had broken them on Tuesday. The 'U.S. and Israeli?war on Iran has caused the biggest oil supply disruptions in history, sending oil prices soaring. European governments are scrambling to protect their consumers. Austrian government introduced the so-called "petrol-price brake", under which the value-added tax increase?from increased petrol prices are passed on to the consumers in the form a reduction?in tax, initially set at 6 U.S.-cents per litre. The national...

Sinopec, the Chinese state oil company, has purchased Russian crude oil in both March and April after the U.S. lifted sanctions temporarily to ease global supply shortages. Sources have estimated that Sinopec purchased 8-10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimates it to be about 10 cargoes. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount around $10 per barrel. Sources spoke under condition of anonymity. The...

Chris Wright, the U.S. Department of Energy's Secretary of Energy, said on Monday that oil prices will likely reach their peak in the "next few weeks" when ship traffic returns through the Strait of Hormuz. Wright, speaking at the Semafor World Economy Forum, said that despite his previous statements, oil prices are likely to rise until "meaningful ship traffic" resumes through the Strait. Wright stated that "energy prices will be high, and possibly even rise until we have meaningful ship traffic in the Strait of Hormuz." This will?probably be the time when oil prices are at their peak. It's likely...

Physical Forties crude reaches record price of $148.87 * Supply disruptions persist despite ceasefire * Repsol CEO: Physical transactions are under pressure (Includes context, and Repsol CEO's comment from paragraph?2) LONDON,?13 April - European crude prices reached a new record near $150 per barrel on Monday after the U.S. announced plans to blockade Strait of Hormuz. This added to concerns?about tight supply. Brent crude futures prices for June delivery LCOc1 rose 6%, to more than $100 per barrel. The U.S. Navy is preparing to block ships going to and coming from Iran through the Strait o'Hormuz. This could limit Iranian...

A survey released on Friday showed that U.S. consumers' sentiment fell to a "record low" in early April and they expect inflation to rise?in the coming 12 months. Surveys of Consumers at the University of Michigan reported that its Consumer Sentiment Index fell to a new low of 47.6 in April, from a final reading of 53.3 last month. Economists surveyed by had 'predicted the index to ease to 52.0. The survey found that the decline in'sentiment' was a result of age, income, and political party membership, but noted?that most responses were made before a ceasefire agreement negotiated earlier this...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

The United States, Iran and Pakistan agreed to a ceasefire for two weeks, which was mediated by Pakistan. This could potentially end a six-week war that has claimed thousands of lives, spread throughout the Middle East, and disrupted the world's supply of energy. Trump announced the deal late Tuesday night, only?two hours after a deadline that he set for Iran:?opening the Strait of Hormuz blockade or face destruction of their "whole civilization". Shehbaz sharif, the Pakistani prime minister, said he invited Iranian and U.S. delegates to meet at Islamabad this Friday. Trump said that the deal was contingent on Iran...